Background
Government plays an essential role in the development of a country. The development of the country is directly proportionate to the economy generated in the country which is why proper rules and regulations need to be implemented in order to uplift the economy of the country (Adegboyo, Keji and Fasina 2021). Policies are also an integral part of the development of the economy in the country. There is a significant importance of the fiscal, trade and monetary policies on the economy of the country for both developed and developing countries and hence is also applicable to Nigeria (Adegboyo, Keji and Fasina 2021). The economic policies are established so that the country can face a recession period and as well continue to propagate for a better future (Adegboyo, Keji and Fasina 2021).
Akinyemi and Adejumo, (2018) conducted research to understand the impact of government policies in developing countries (Akinyemi and Adejumo 2018). The authors explained that in numerous countries’ economies are built on small and medium enterprises business, and nations that prioritize such have a higher chance of improving their economies and modernization. Akinyemi and Adejumo, (2018) highlighted that many government policies have been established to support entrepreneurial pursuits in response to the demand for such policies. In diverse economies, fundamental policies such as taxation rates, labour laws, and trade restrictions have affected the entrepreneurship atmosphere to a significant extent. In addition, several regulations have been designed specifically to encourage innovation. Akinyemi and Adejumo, (2018) conducted the study in Nigeria and South Africa with around 1200 self-administered questionaries. The authors found that some government policies were essential and some were not however, policies were needed for the betterment of the nation.
Akabom and Ejabu, (2018) conducted research to understand the effect of thin capitalization and international law on the performance of multinational countries (MNC) in Nigeria (Akabom and Ejabu, 2018). The Akabom and Ejabu, (2018) explained that the development of the policies has the trans-border trading prominence. Akabom and Ejabu, (2018) collected 10 samples from 17 MNC in Nigeria from the time frame of 2012-2016 and analysed the data with the help of multiple regressions. The data gathered using the line retrieval mode. Akabom and Ejabu, (2018) observed that thin capitalization for a developing country like Nigeria can be revenue stripping and hence impact their performance of them. Akabom and Ejabu, (2018) further recommend that the Government of Nigeria need to the used framework which would reduce and limit the equity ratio of the multinational companies which are operating in Nigeria.
The author Igiebor, (2019) conducted a study to understand the political condition such as corruption in Nigeria. The author highlighted that corruption is a huge problem around the world and many people are sufferers of the same issue. Corruption hinders the development of several political, economic and social issues. Igiebor, (2019) explain as corruption is deeply rooted in the Nigerian government as the authors referred to as the “top to bottom corruption” and hence it affected the nation’s economic development. Igiebor, (2019) concluded the study and explained that great leaders can change the condition of Nigeria by implementing proper procedures and strict law enforcement need to be established in Nigeria so that the economic development can be strengthened and as well as transparency.
Literature Review
Over the recent years, it was noticed that the developing country, including Nigeria, was facing issues in fiscal, trade and monetary trade (Çoban et al. 2020) The inadequacy of public goods like transportation and utility facilities are heavily reliant on government expenditure rates, which determine the type and state of the macroeconomic environment as well as economic reform in any small economy (Gottlieb and Kosec 2019). High expenditure on military goods may cause significant issues in the economy for the development business in the country (Gottlieb and Kosec 2019).
This investigation is focused on the impact of the Nigerian Government’s regulations to find out how the control on the growth of businesses in the country is propagated in Nigeria.
RQ1 –Why the rules and regulations set up by the Nigerian government have negatively impacted the growth of both large and small-scale in the country?
RQ2 – How the public authority through different regulations and offices guarantees the control and supervision of businesses in Nigeria?
RQ3 – How do the poorly planned guidelines harm business more or will smother advancement, development, and employment creation; squander restricted assets; sabotage manageable resources; coincidentally hurt individuals they should safeguard, and disintegrate the public’s trust in Nigerian current regime?
RQ4 – How do government law and taxpayer driven organizations sway the long-run possibilities for the development of businesses in Nigerian cities? Since zoning guidelines and construction regulations can be so prohibitive as to make a new real estate improvement monetarily infeasible?
The research objective for the study is:
- To search literature in order to understand the impact of the Nigerian Government’s regulations on the economic growth of Nigeria.
- To collect data from the primary sources for a wider understanding of the topic.
- To analyse the collected data.
- To offer a set of recommendation to improve the economic status of Nigeria.
Research philosophy is established in the research in order to conduct the research in a more descriptive manner (Žukauskas, Vveinhardt and Andriukaitien? 2018). Realism, interpretivism and the positivism are the three forms of research design that are followed in research (Ryan 2019). In this dissertation, the positivism research will be carried out. Positivism research philosophy is associated with in-depth research of the topic in a comprehensive and critical manner, and hence if such would be implemented, the research would provide satisfactory outcomes (Ryan 2018). The realism research philosophy is a collective approach of the available research philosophies, and the interpretivism research philosophy is related to the establishment of theories. Hence, based on these criteria, these research philosophies are rejected.
Data collection will be carried out from primary sources as quantitative research will be carried out with the help of surveys and questionnaires. The literature review will be carried out with the help of secondary research articles available on the online databases PubMed, Google scholar and Cochrane library.
There are three types of research design present which are the analytical or the descriptive research design, the exploratory and the explanatory research design (Doyle et al. 2020). In this study, both descriptive and exploratory research designs will be employed. The exploratory research design is further divided into three parts which are the secondary research, the informal qualitative approach and the formal qualitative approach (Thomas and Lawal 2020). In this study, the formal qualitative research will be carried out as this type of research design is associated with an in-depth analysis of the research data collected from the interviews and the focus groups.
Decision Problems
Primary data collection method will also be carried out in the research. The research will use survey methods that are a closed-ended questionnaire with options and one on one interview method, which is an open-ended questionnaire without options. The survey and the interview would be carried out with the self-administered questionaries that will be constructed with the help of secondary research, and hence descriptive research design also will be used.
It can be expected that data would be gathered with the survey and questionnaires from around 25 government officials and 50 business owners.
The paper will be analysed with the help of qualitative approaches. The primary data that will be collected will be analysed with the help of a numerical approach, and the secondary data will be analysed with the help of a thematic approach.
Limitations or difficulties for the research are the limited timeframes and limited resources. For the study, only a 14-week timeline is established, which can be less for the in-depth analysis of the topic and as well conducting interviews. There can be bias in the questionnaires making the research un-ethical which is why subjective questionnaires need to be implemented to reduce such bias in research.
The economy of the country is significantly related to the expenditure of the country (Dudzevi?i?t?, Šimelyt? and Liu?vaitien? 2018). From the above-analysed literature it can be evaluated that the developing countries like Nigeria, the government expenditure correlates with the development of the countries. The growth of the business is significant in building the economy of the country. While conducting the research several authors theories have been explored analysed. This helped to analyse about the condition of the Nigerian Government’s regulations on the growth of businesses in the country. Adegboyo, Keji and Fasina 2021, have highlighted to importance of the policies trades in the Nigerian government. Akabom and Ejabu, (2018) have highlighted that thin capitalization for a developing country like Nigeria can have a revenue stripping impact which led to lowering the performance. Igiebor, (2019) have highlighted how the corruption in Nigeria impacted the growing business in Nigeria. This research would provide better insights regarding the impact of the Nigerian Government’s regulations and control on the growth of businesses in the country. This study will provide an in-depth analysis of the impact of the government policies on Nigeria’s economic growth.
Figure: Gantt chart
(Source: Self-made by author)
References:
Adegboyo, O.S., Keji, S.A. and Fasina, O.T., 2021. The impact of government policies on Nigeria economic growth (case of fiscal, monetary and trade policies). Future Business Journal, 7(1), pp.1-14.
Akabom, I.A. and Ejabu, F.E., 2018. Effects of thin capitalization and International law on performance of multinational companies in Nigeria. Journal of Accounting and Financial Management ISSN, 4(2), p.2018.
Akinyemi, F.O. and Adejumo, O.O., 2018. Government policies and entrepreneurship phases in emerging economies: Nigeria and South Africa. Journal of Global Entrepreneurship Research, 8(1), pp.1-18.
Çoban, O., Onifade, S.T., Yussif, A.R.B. and Haouas, I., 2020. Reconsidering trade and investment-led growth hypothesis: new evidence from Nigerian economy. J Int Stud, 13(3), pp.98-110.
Doyle, L., McCabe, C., Keogh, B., Brady, A. and McCann, M., 2020. An overview of the qualitative descriptive design within nursing research. Journal of Research in Nursing, 25(5), pp.443-455.
Dudzevi?i?t?, G., Šimelyt?, A. and Liu?vaitien?, A., 2018. Government expenditure and economic growth in the European Union countries. International Journal of Social Economics.
Gottlieb, J. and Kosec, K., 2019. The countervailing effects of competition on public goods provision: When bargaining inefficiencies lead to bad outcomes. American Political Science Review, 113(1), pp.88-107.
Ryan, G., 2018. Introduction to positivism, interpretivism and critical theory. Nurse researcher, 25(4), pp.41-49.
Ryan, G.S., 2019. Postpositivist, critical realism: philosophy, methodology and method for nursing research. Nurse researcher, 27(3), pp.20-26.
Thomas, O.O. and Lawal, O.R., 2020. Exploratory Research Design in Management Sciences: An X-Ray of Literature. Annals of the University Dunarea de Jos of Galati: Fascicle: I, Economics & Applied Informatics, 26(2).
Žukauskas, P., Vveinhardt, J. and Andriukaitien?, R., 2018. Philosophy and paradigm of scientific research. Management culture and corporate social responsibility, 121.
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